Made up of two lots, the land covers a total area of about 106ha.
The first lot, located immediately to the northeast of the airport, covers an area of about 65ha. The second lot covers an area of about 41ha and is located to the northwest of the airport, the front of the property facing State Highway 6.
The land was owned by The Big River Company Ltd of which Julie and Lloyd Ferguson, of Wanaka, and John Hamilton, of Tauranga, are directors.
A spokeswoman for the QAC said the amount the authority paid for the land would remain confidential.
Both lots had been identified by the QAC, in its role as operational manager of the airport, as being strategically important to the future development of the airport.
The Queenstown Lakes District Council, which is a majority shareholder of the QAC, is undertaking a review of the future governance of Wanaka Airport.
The council’s preferred option is to enter into a long-term lease and management arrangement with the QAC.
A decision on the airport’s future governance will be made after a public hearing, likely be held in early 2017.
The council received 78 public submissions on the Wanaka Airport consultation.
QAC chairman John Gilks said the land was critical to any plans for the future of the airport and would complement services provided at Queenstown Airport under a dual airport policy.
Ideally, the purchase of the land would have been made after the council had finished the governance review, Mr Gilks said.
"However, the vendor had placed the land on the open market and QAC became aware that there was other interest in it."
By buying the land now the QAC avoided a situation whereby a private developer might buy the land for purposes other than airport development, he said.
Deputy mayor Calum Macleod said he was unable to comment on the specific details of the purchase because he had been selected as a commissioner for the governance hearing.
Wanaka Airport was an important asset to the district and provided about 200 jobs in the Upper Clutha, Cr Macleod said.
Any move to secure the future of the airport was good for the area, he said.
